Several bills concerning the real estate market will be considered at the forthcoming session of the Florida Legislature that starts in March 2023.
For instance, the state’s legislators will consider draft regulations according to which sellers of residential and commercial properties will have to disclose information about flooding and flood risks to the buyers. Specifically, the sellers will be obliged to inform them in writing whether the property has suffered any damage from flooding in the past and if so, how many times; whether the property or any part thereof is located in a flood hazard zone; whether the seller regularly pays the flooding insurance; whether the seller has ever received federal assistance in connection with property flooding; whether they have ever claimed flooding insurance, and so on.
Another bill concerns providing the market with affordable housing. It is aimed at easing the regulation and granting tax incentives to affordable housing developments. Residences designated for low- and medium-income families in residential projects built over the last 5 years will be exempt from property tax if at least 70 units in such a complex are leased at a rate at least 10% below the market. The authorities of municipalities and counties will have the right to grant exemptions from the ad valorem tax to property owners who provide housing for people earning 50% or less of the area’s median income. This bill will also enable local authorities not to change zone boundaries when multi-family houses are built in commercial areas if at least 40% of properties are designed for households making 120% of the area’s median income.
Another bill is devoted to taxation of affordable housing. It will enable the authorities of counties and municipalities not to charge ad valorem taxes from properties providing affordable housing.
Finally, a bill on hurricane protection for condominium associations introduces amendments in the Condominium Act. Condos will now have to declare which entity is responsible for installation, maintenance, repair, and replacement of hurricane protection means. Collective governing bodies will have the right to install such protections or demand that property owners install them.
Current or future Florida homeowners should pay attention to these regulations to comply with legislative requirements in time if they are adopted.